Manulife’s back in the black with C$1b net income in Q2

Core earnings per share is 6% higher at C$0.83, its latest financial results showed.

Manulife’s net income attributable to shareholders is C$1b in Q2, whilst core earnings are C$1.6b during the same quarter.

This is C$900m higher than the Q2 2022 transitional net income, and C$3.1b higher than the Q2 2022 net loss.

Manulife said that the increase was driven by a smaller charge from market experience and growth in core earnings, the insurance and investment company said in its latest financial report.

Core earnings per share is $0.83 in Q2, 6% higher than the same quarter in 2022, whilst diluted earnings per common share (EPS) is C$0.5, up C$0.55 compared to Q2.

ALSO READ: Manulife launches recognition scheme for top-performing consultants

Manulife reported new business value (NBV) of C$585m in Q2, up 10% from Q2. The new business contractual service margin (CSM) is $592m, up 15% over the same period.

Annualized premium equivalent (“APE”) sales, meanwhile, rose 12% to C$1.6b during the same quarter.

Global Wealth and Asset Management (Global WAM) net inflows totalled to C$2.2b, compared with net inflows of C$1.7b in Q2 2022.